Respond to FCA enforcement action or investigation
- 1 step
UK Act of Parliament
2012
United Kingdom
Financial Services Act 2012
At a glance
Enforced by
What's here
23 compliance obligations, 5 practical guides across 2 topics · 5 journeys · 29 statutory instruments
Penalty landscape
3 of 23 obligations carry imprisonment (7 years). 3 carry different penalties and 17 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 6
Plus 17 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — Bank of England
Browse 5 other sections in this Part — procedural / definitional / commencement
Part 2 — Amendments of Financial Services and Markets Act 2000
Browse 44 other sections in this Part — procedural / definitional / commencement
The new Regulators
Extension of scope of regulation
Orders under section 22 of FSMA 2000
Designation of activities requiring prudential regulation by PRA
Appointed representatives
Permission to carry on regulated activities
Passporting: exercise of EEA rights and Treaty rights
Prohibition orders
Approval for particular arrangements
Further amendments relating to performance of regulated activities
FCA to exercise functions under Part 6 of FSMA 2000
Discontinuance or suspension at the request of the issuer: procedure
Listing rules: disciplinary powers in relation to sponsors
Primary information providers
Penalties for breach of Part 6 rules
Repeal of competition scrutiny power
Control of business transfers
Proceedings before Tribunal
Rules and guidance
Functions relating to short selling
Control over authorised persons
Powers of regulators in relation to parent undertakings
Exemption for recognised investment exchanges and clearing houses
Powers in relation to recognised investment exchanges and clearing houses
Recognition requirements: power of FCA and Bank to make rules
Additional power to direct UK clearing houses
Recognised bodies: procedure for giving directions under s.296 etc
Power to take disciplinary measures against recognised bodies
Repeal of special competition regime
Sections 28 to 34: minor and consequential amendments
Suspension and removal of financial instruments from trading
Discipline and enforcement
The Financial Services Compensation Scheme
The financial ombudsman service
Lloyd's
Information, investigations, disclosure etc.
Auditors and actuaries
Provisions about consumer protection and competition
Insolvency
The consumer financial education body
Members of the professions
International obligations
Interpretation of FSMA 2000
Parliamentary control of statutory instruments
Part 3 — Mutual societies
Browse 8 other sections in this Part — procedural / definitional / commencement
Mutual societies: power to transfer functions
Further provision that may be included in orders under section 50
Power to apply or disapply provision made by or under FSMA 2000
Evidence
Repeals in Part 21 of FSMA 2000
Building societies: creation of floating charges
Power to direct transfer of building society's business
Interpretation of Part 3
Part 4 — Collaboration between Treasury and Bank of England, FCA or PRA
Duty of Bank to inform Treasury about resolution plans
Other duties (1) — Crown / regulator
- Bank of England must share resolution plans with the Treasury Statutory regulator
Duty of Bank to notify Treasury of changes
Other duties (1) — Crown / regulator
- Bank of England must notify Treasury of changes to financial risk Statutory regulator
Directions under section 61: supplementary provisions
Other duties (1) — Crown / regulator
- Bank of England must report to Treasury on compliance with directions Statutory regulator
Duty to lay direction etc before Parliament
Other duties (1) — Crown / regulator
- Treasury must lay directions and reports before Parliament Crown / Minister / Government department
Duty of Treasury, Bank and PRA to co-ordinate discharge of functions
Other duties (1) — Crown / regulator
- HM Treasury, Bank of England and PRA must co-ordinate on financial stability Crown / Minister / Government department
Memorandum of understanding: resolution planning and crisis management
Other duties (1) — Crown / regulator
- Treasury, Bank of England, and PRA must maintain a crisis management agreement Crown / Minister / Government department
Memorandum of understanding: international organisations
Other duties (1) — Crown / regulator
- UK financial authorities must coordinate on international relations Crown / Minister / Government department
Browse 5 other sections in this Part — procedural / definitional / commencement
Duty of Bank to provide information required by Treasury
Duty of Bank to notify Treasury of possible need for public funds
Circumstances in which Treasury power of direction exercisable
Treasury power of direction
Interpretation of Part 4
Part 5 — Inquiries and investigations
Conclusion of inquiry
Other duties (1) — Crown / regulator
- Person holding an inquiry must report findings to the Treasury Crown / Minister / Government department
Obstruction and contempt
2 years imprisonment- Obstruct or fail to cooperate with a regulatory inquiry Any Person
Power of Treasury to require regulator to undertake investigation
Other duties (1) — Crown / regulator
- HM Treasury can direct regulators to investigate specific events Crown / Minister / Government department
Conduct of investigation
Other duties (1) — Crown / regulator
- Regulators and Treasury must manage the conduct of investigations Statutory regulator
Conclusion of investigation
Other duties (1) — Crown / regulator
- Regulators must report investigation findings and lessons to the Treasury Statutory regulator
Statements of policy
Other duties (1) — Crown / regulator
- Regulators must publish investigation policy statements Statutory regulator
Publication of reports of inquiries and investigations
Other duties (1) — Crown / regulator
- HM Treasury must publish reports of financial services investigations Crown / Minister / Government department
Browse 10 other sections in this Part — procedural / definitional / commencement
Cases in which Treasury may arrange independent inquiries
Power to appoint person to hold an inquiry
Powers of appointed person and procedure
Duty of FCA to investigate and report on possible regulatory failure
Duty of PRA to investigate and report on possible regulatory failure
Interpretation of section 74
Modification of section 74 in relation to Lloyd's
Duty of Payment Systems Regulator to investigate and report on possible regulatory failure
Publication of directions
Interpretation and supplementary provision
Part 6 — Investigation of complaints against regulators
Arrangements for the investigation of complaints
Other duties (1) — Crown / regulator
- Regulators must establish an independent complaints scheme Statutory regulator
Consultation in relation to, and publication of, complaints scheme
Other duties (1) — Crown / regulator
- Regulators must consult on and publish the complaints scheme Statutory regulator
Browse 3 other sections in this Part — procedural / definitional / commencement
Part 7 — Offences relating to financial services
Misleading statements
7 years imprisonment- Make misleading statements or conceal facts to influence financial deals Any Person
Misleading impressions
7 years imprisonment- Creating a misleading impression of financial markets or investments Any Person
Misleading statements etc in relation to benchmarks
7 years imprisonment- Make misleading statements or create false impressions regarding benchmarks Any Person
Penalties
10 years imprisonment- Make misleading statements or impressions regarding financial markets Any Person
Browse 3 other sections in this Part — procedural / definitional / commencement
Part 8 — Amendments of Banking Act 2009
Reports following exercise of a stabilisation power
Other duties (1) — Crown / regulator
- Bank of England must report on sales of banks to private purchasers Statutory regulator
Groups
Amended 5 timesApplication to investment firms
Amended 6 timesApplication to UK clearing houses
Amended 7 timesState aid
Amended 2 timesInter-bank payment systems
Amended 1 timeInternational obligations
Amended 1 timeAmendments relating to new regulators
Amended 1 timeBrowse 3 other sections in this Part — procedural / definitional / commencement
Part 9 — Miscellaneous
Power to make further provision about regulation of consumer credit
Amended 4 timesPayment to Treasury of penalties received by Financial Services Authority
Amended 1 timePayment to Treasury of penalties received by Bank of England
Amended 10 timesOther duties (1) — Crown / regulator
- Bank of England must pay regulatory penalty receipts to the Treasury Statutory regulator
Amendments of Companies Act 1989
Amended 1 timeEvidencing and transfer of title to securities without written instrument
Amended 2 timesBrowse 2 other sections in this Part — procedural / definitional / commencement
Part 10 — General
Further minor and consequential amendments and repeals
Amended 4 timesInterpretation
Amended 2 timesTransitional provisions and savings
Amended 2 timesBrowse 7 other sections in this Part — procedural / definitional / commencement
Orders: general
Orders: Parliamentary control
Power to make further consequential amendments etc
Financial provision
Extent
Commencement
Short title
Schedules
Discipline and enforcement
2 years imprisonment- Carry out unauthorized credit-related activities Any Person
Browse 533 other Schedules — structural / supplementary
Financial Conduct Authority and Prudential Regulation Authority: Schedules to be substituted as Schedules 1ZA and 1ZB to FSMA 2000
Performance of regulated activities
Control of business transfers
The financial ombudsman service
Auditors and actuaries
The consumer financial education body
Provision of financial services by members of the professions
Amendments of Banking Act 2009 related to Part 2 of this Act
Transitional provisions
In section 4 of the Bank of England Act 1998...
In section 15 of the Bank of England Act 1998...
In section 40 of the Bank of England Act 1998...
In Part 3 of Schedule 1 to the House of...
In Part 3 of Schedule 1 to the Northern Ireland...
This is the Schedule to be inserted in the Bank...
(1) Schedule 1 to the Bank of England Act 1998...
(1) Schedule 3 to the Bank of England Act 1998...
(1) Section 244 of the Banking Act 2009 (immunity) is...
In section 4 of the Bank of England Act 1998...
In Schedule 7 to the Bank of England Act 1998...
In Part 3 of Schedule 1 to the House of...
In Part 3 of Schedule 1 to the Northern Ireland...
These are the Schedules 1ZA and 1ZB to be substituted...
Schedule 3 to FSMA 2000 (EEA passport rights) is amended...
(1) Paragraph 19 (establishment) is amended as follows.
(1) Paragraph 20 (services) is amended as follows.
In paragraph 20ZA (information for host state regulator), for “Authority”,...
In paragraph 20B (notice of intention to market), for “Authority”,...
In paragraph 22 (continuing regulation of UK firms), in sub-paragraph...
(1) Paragraph 23 (power to impose requirements) is amended as...
(1) Paragraph 24 (which relates to UK firms exercising rights...
After paragraph 24 insert— Arrangements between FCA and PRA (1) The regulators may make arrangements about—
In paragraph 25 (information to be included in the public...
In paragraph 26 (UK management companies: delegation of functions), for...
(1) Paragraph 13 (establishment) is amended as follows.
In paragraph 27 (UK management companies: withdrawal of authorisation), for...
In paragraph 28 (management companies: request for information), for “Authority”,...
Schedule 4 to FSMA 2000 (Treaty rights) is amended as...
(1) Paragraph 3 (exercise of Treaty rights) is amended as...
After paragraph 3 insert— Notification between UK regulators Regulations may require the PRA and the FCA to notify...
(1) Paragraph 4 (permission) is amended as follows.
(1) Paragraph 5 (notice to Authority) is amended as follows....
(1) Section 34 of FSMA 2000 (EEA firms) is amended...
(1) Section 35 of FSMA 2000 (Treaty firms) is amended...
Part 13 of FSMA 2000 (incoming firms: intervention by Authority)...
(1) Paragraph 14 (services) is amended as follows.
In the heading to Part 13, for “Authority” substitute “...
In section 193 (interpretation of Part 13), in subsection (1),...
(1) Section 194 (general grounds on which power of intervention...
(1) Section 194A (contravention by relevant EEA firm with UK...
(1) Section 195 (exercise of power in support of overseas...
(1) Section 195A (contravention by relevant EEA firm or EEA...
For section 196 substitute— The power of intervention (1) If a regulator is entitled to exercise its power...
(1) Section 197 (procedure on exercise of power of intervention)...
(1) Section 198 (power to apply to court for injunction...
(1) Section 199 (additional procedure for EEA firms in certain...
(1) Paragraph 15A (application for approval to manage UCITS) is...
(1) Section 199A (management companies: loss of authorisation) is amended...
(1) Section 200 (rescission and variation of requirements) is amended...
For section 201 substitute— Effect of certain requirements on other...
In section 202 (contravention of requirement imposed under Part 13),...
(1) Paragraph 15B (representations and references to the Tribunal) is...
In paragraph 15C (information to home state regulator), in sub-paragraph...
In paragraph 17 (continuing regulation of EEA firms)—
In paragraph 18 (giving up right to authorisation), in paragraph...
In Part 3 (exercise of passport rights by UK firms),...
Part 5 of FSMA 2000 is amended as follows.
(1) Section 63C (statement of policy) is amended as follows....
(1) Section 63D (statement of policy: procedure) is amended as...
(1) Section 64 (conduct of approved persons: statement and codes)...
(1) Section 65 (statements and codes: procedure) is amended as...
(1) Section 66 (disciplinary powers) is amended as follows.
(1) Section 67 (disciplinary measures: procedure and right to refer...
In section 68 (publication), for “the Authority” substitute “ the...
(1) Section 69 (statement of policy) is amended as follows....
(1) Section 70 (statements of policy: procedure) is amended as...
(1) Section 58 (applications relating to prohibition orders: procedure and...
In section 59 (approval for particular arrangements), omit subsection (9)....
(1) Section 60 (applications for approval), for “Authority” or “Authority's”,...
(1) Section 61 (determination of applications) is amended as follows....
(1) Section 62 (applications for approval: procedure and right to...
(1) Section 63 (withdrawal of approval) is amended as follows....
In section 63A (performance of controlled functions without approval: power...
In section 63B (procedure and right to refer to Tribunal),...
Part 7 of FSMA 2000 is amended as follows.
In paragraph 1, for “the Authority”, in each place, substitute...
(1) Paragraph 2 is amended as follows.
In paragraph 3, for “Authority” substitute “ appropriate regulator ”....
In paragraph 4, for “Authority”, in the first place, substitute...
In paragraph 5, for “Authority”, in the first place, substitute...
In paragraph 5A, for “the Authority” substitute “ the appropriate...
In paragraph 8(2)— (a) for paragraph (a) substitute—
In paragraph 9, for “Authority” substitute “ appropriate regulator ”....
(1) Paragraph 9A is amended as follows.
(1) Paragraph 10 is amended as follows.
Before section 104 insert— Meaning of “the appropriate regulator” (1) In this Part “the appropriate regulator” means—
(1) Section 109 (scheme reports) is amended as follows.
(1) Section 110 (right to participate in proceedings) is amended...
In section 112 (effect of order sanctioning business transfer scheme),...
After section 112 insert— Duty of regulator to provide copy...
(1) Section 113 (appointment of actuary) is amended as follows....
In section 115 (certificates for purposes of insurance business transfers...
Schedule 12 to FSMA (transfer schemes: certificates) is amended as...
This is the Schedule 17A to be inserted in FSMA...
FSMA 2000 is amended as follows.
(1) Section 293 (notification requirements) is amended as follows.
For section 293A substitute— Information: compliance with EU requirements The appropriate regulator may require a recognised body to give...
In section 294 (modification or waiver of rules), in subsections...
(1) Section 295 (notification: overseas investment exchanges and overseas clearing...
(1) Section 296 (power to give directions) is amended as...
(1) Section 297 (revoking recognition) is amended as follows.
In section 298 (directions and revocation: procedure)—
In section 299 (complaints about recognised bodies), in subsections (1)...
In section 300A (power to disallow excessive regulatory provision)—
In section 300B (duty to notify proposal to make regulatory...
(1) Section 286 (qualification for recognition) is amended as follows....
In section 300C (restriction on making provision before Authority decides...
(1) Section 300D (consideration by Authority whether to disallow proposed...
(1) Section 301 (supervision of certain contracts) is amended as...
In section 301A (obligation to notify the Authority: acquisitions of...
In section 301B (requirements for s.301A notices), in subsections (1)...
In section 301C (acknowledgement of receipt), in subsections (1) and...
In section 301F (assessment: general), in subsections (1) to (3),...
(1) Section 301G (assessment: procedure) is amended as follows.
In section 301H (duration of approval), in subsections (1), (2)...
In section 301I (objections by the Authority), in subsections (1)...
(1) Section 287 (application by an investment exchange) is amended...
In section 301J (restriction notices), in subsections (1), (2)(b), (3)...
In section 301K (order for sale of shares), in subsection...
(1) Section 301L (offences under Chapter) is amended as follows....
In section 312A (exercise of passport rights by EEA market...
In section 312B (removal of passport rights from EEA market...
In section 312C (exercise of passport rights by recognised investment...
(1) Section 313 (interpretation) is amended as follows.
In section 392 (warning and decisions notices: application of provisions...
In section 412A (approval and monitoring of trade-matching and reporting...
In section 412B (procedure for approval and suspension or withdrawal...
(1) Section 288 (application by a clearing house) is amended...
In section 289 (applications: supplementary), in subsections (1), (2) (in...
(1) Section 290 (recognition orders) is amended as follows.
(1) Section 290A (refusal of recognition on ground of excessive...
In section 292 (overseas investment exchanges and overseas clearing house),...
In section 292A (publication of information by recognised investment exchange),...
FSMA 2000 is amended as follows.
In Part 14 (disciplinary measures), before section 205 insert— Meaning...
In section 205 (public censure)— (a) for “Authority”, in the...
(1) Section 206 (financial penalties) is amended as follows.
(1) Section 206A (suspending permission to carry on regulated activities...
In section 207(1) (proposal to take disciplinary measures), for “the...
In section 208(1) and (4) (decision notice), for “the Authority”,...
In section 209 (publication), for “the Authority” substitute “ the...
(1) Section 210 (statements of policy) is amended as follows....
(1) Section 211 (statements of policy: procedure) is amended as...
(1) Section 380 (injunctions) is amended as follows.
(1) Section 20 (authorised persons acting without permission) is amended...
(1) Section 381 (injunctions in case of market abuse) is...
(1) Section 382 (restitution orders) is amended as follows.
In section 383(1), (4), (5) and (9) (restitution orders in...
(1) Section 384 (power of Authority to require restitution) is...
(1) Section 385 (warning notices) is amended as follows.
In section 386(1) and (3) (decision notices), for “Authority” substitute...
(1) Section 387 (warning notices) is amended as follows.
(1) Section 388 (decision notices) is amended as follows.
In section 389(1) (notices of discontinuance)— (a) for “the Authority”...
(1) Section 390 (final notices) is amended as follows.
(1) Section 23 (contravention of the general prohibition) is amended...
(1) Section 391 (publication) is amended as follows.
(1) Section 392 (application of sections 393 and 394) is...
(1) Section 393 (third party rights) is amended as follows....
(1) Section 394 (access to Authority material) is amended as...
(1) Section 395 (the Authority's procedures) is amended as follows....
(1) Section 396 (statements under s.395: consultation) is amended as...
(1) Section 398 (misleading the Authority: residual cases) is amended...
In section 400 (offences by a body corporate etc) after...
(1) Section 401 (proceedings for offences) is amended as follows....
(1) Section 402 (power of the Authority to institute proceedings...
After section 23 insert— Parliamentary control in relation to certain...
In section 403 (jurisdiction and procedure in respect of offences),...
After section 415A insert— Consultation Consultation in relation to taking...
After section 26 insert— Agreements relating to credit (1) An agreement that is made by an authorised person...
In section 27 (agreements made through unauthorised persons) for subsection...
In section 28 (agreements made unenforceable by section 26 or...
After section 28 insert— Credit-related agreements made unenforceable by section...
(1) In the provisions of Part 8 (market abuse) mentioned...
Part 15 of FSMA 2000 (the Financial Services Compensation Scheme)...
(1) Section 218 (annual report) is amended as follows.
After section 218 insert— Audit of accounts (1) The scheme manager must send a copy of its...
(1) Section 218A (power to require information) is amended as...
In section 221 (powers of court), in subsection (2), after...
In section 222 (statutory immunity), in subsection (1), omit “board...
In section 224 (scheme manager's power to inspect documents), in...
(1) Section 212 (the scheme manager) is amended as follows....
(1) Section 213 (the compensation scheme) is amended as follows....
In section 214 (general provisions of the scheme), in subsection...
In section 215 (rights of the scheme in insolvency), for...
In section 217 (insurers in financial difficulties), in subsection (5),...
After section 217 insert— Relationship with the regulators Co-operation (1) Each regulator and the scheme manager must take such...
For the italic heading before section 218 substitute “ Annual...
Before section 218 insert— Annual plan (1) The scheme manager must in respect of each of...
In section 226 (compulsory jurisdiction), in subsection (3)(a), for “Authority”...
In section 234 (industry funding), in subsection (1), for “Authority”...
In section 234A (funding by consumer credit licensees), in subsection...
After section 234A insert— Successors to businesses Transfers of liability...
Schedule 17 (the ombudsman scheme) is amended as follows.
For paragraph 2 (and the italic heading before it) substitute—...
In paragraph 3 (constitution)— (a) for “Authority”, in each place,...
After paragraph 3 insert— Relationship with FCA (1) The scheme operator and the FCA must each take...
In paragraph 6 (status), in sub-paragraph (2), omit “board members,”....
In paragraph 7 (annual reports)— (a) for “Authority”, in each...
After paragraph 7 insert— Audit of accounts (1) The scheme operator must send a copy of its...
In section 226A (consumer credit jurisdiction), in subsection (7), for...
For the italic heading before paragraph 8 substitute “ Information,...
In paragraph 8 (guidance), for “guidance consisting of such information...
In paragraph 9 (budget), for “Authority”, in each place, substitute...
After paragraph 9 insert— Annual plan (1) The scheme operator must in respect of each of...
In paragraph 13 (procedural rules)— (a) for “Authority”, in each...
In paragraph 14 (scheme operator's rules)— (a) in sub-paragraph (2),...
In paragraph 16B (procedure for complaints etc), in sub-paragraph (1),...
In paragraph 16E (consumer credit rules), for “Authority”, in each...
In paragraph 18 (terms of reference), for “Authority”, in each...
In paragraph 19 (delegation), in sub-paragraph (3), for “Authority” substitute...
In section 227 (voluntary jurisdiction), in subsection (6), for “Authority's”...
In paragraph 20 (voluntary jurisdiction rules: procedure), for “Authority”, in...
(1) Section 228 (determination under the compulsory and consumer credit...
In section 229 (awards), in subsection (4), for “Authority” substitute...
In section 230 (costs), in subsection (2), for “Authority” substitute...
After section 230 insert— Reports of determinations (1) The scheme operator must publish a report of any...
In section 232 (powers of court), in subsection (2), after...
After section 232 insert— Scheme operator's duty to provide information...
(1) Section 165 (power to require information) is amended as...
In section 169A (supporting an overseas regulator regarding financial stability),...
In section 170 (investigations: general), in subsection (10), for paragraphs...
In section 174 (admissibility of statements to investigators), in subsection...
(1) Section 175 (information and documents: supplemental) is amended as...
(1) Section 176 (entry of premises under warrant) is amended...
After section 176 insert— Retention of documents taken under section...
(1) Section 347 (record of authorised persons) is amended as...
After section 347 insert— Duty of PRA to disclose information...
(1) Section 348 (restrictions on disclosure of information) is amended...
(1) Section 349 (exceptions from section 348) is amended as...
In section 165A (power to require information relevant to financial...
(1) Section 350 (disclosure of information by HMRC) is amended...
Omit section 351 (competition information).
In section 351A (disclosure under the UCITS directive), in subsection...
(1) In section 353 (removal of other restrictions on disclosure),...
After section 353 insert— Information received from Bank of England...
For section 354 substitute— FCA's duty to co-operate with others...
In section 165B (safeguards relating to section 165A)—
In section 165C (orders under section 165A(2)(d)) for subsection (1)...
For section 166 (reports by skilled persons) substitute— Reports by...
After section 166 insert— Appointment of skilled person to collect...
(1) Section 167 (appointment of investigator in general cases) is...
(1) Section 168 (appointment of investigator in specific cases) is...
(1) Section 169 (investigations at the request of an overseas...
FSMA 2000 is amended as follows.
In Part 22 (auditors and actuaries), before section 340 (and...
(1) Section 340 (appointment) is amended as follows.
(1) Section 342 (information given by auditor or actuary) is...
(1) Section 343 (information given by auditor or actuary: persons...
(1) Section 344 (duty of auditor or actuary resigning to...
(1) For section 345 (disqualification of auditor or actuary) and...
(1) Section 392 (application of sections 393 and 394) is...
Part 24 of FSMA 2000 is amended as follows.
(1) Section 363 (powers to participate in proceedings: receivership) is...
In section 364 (receiver's duty to report to Authority)—
(1) Section 365 (powers to participate in proceedings: voluntary winding...
(1) Section 366 (insurers effecting or carrying out long-term contracts...
(1) Section 367 (winding-up petitions) is amended as follows.
(1) Section 368 (winding-up petitions: EEA and Treaty firms) is...
(1) Section 369 (insurers: service of petition etc. on Authority)...
(1) Section 369A (reclaim funds: service of petition etc. on...
For section 370 substitute— Liquidator's duty to report to FCA...
(1) Section 371 (power to participate in proceedings: winding up...
In section 355 (interpretation of Part 24) at the end...
(1) Section 372 (bankruptcy petitions) is amended as follows.
(1) Section 373 (insolvency practitioner's duty to report to Authority)...
(1) Section 374 (Authority's powers to participate in proceedings: bankruptcy)...
(1) Section 375 (Authority's right to apply for an order...
(1) Section 376 (continuation of contracts of long-term insurance where...
(1) Section 356 (powers to participate in proceedings: company voluntary...
(1) Section 357 (powers to participate in proceedings: individual voluntary...
(1) Section 358 (powers to participate in proceedings: trust deeds...
(1) Section 359 (administration order) is amended as follows.
(1) Section 361 (administrator's duty to report) is amended as...
(1) Section 362 (powers to participate in proceedings: administration orders)...
(1) Section 362A (administrator appointed by company or directors) is...
Schedule 1A (further provision about the consumer financial education body)...
In paragraph 9 (annual reports)— (a) for “Authority”, in each...
After paragraph 9 insert— Audit of accounts (1) The consumer financial education body must send a copy...
In paragraph 11 (meaning of “relevant costs”) for “Authority” substitute...
In paragraph 12 (funding) for “Authority”, in each place, substitute...
In paragraph 13 (funding by consumer credit licensees), in sub-paragraph...
In paragraph 15 (reviews of use of resources), for “Authority”,...
In the title to the Schedule, in the marginal reference,...
In paragraph 1 (ensuring exercise of functions) for “Authority”, in...
In paragraph 2 (constitution) for “Authority”, in each place, substitute...
In paragraph 3 (status), in sub-paragraph (2), omit “board members,”....
In paragraph 4 (discharge of functions by others), in sub-paragraph...
In paragraph 5 in sub-paragraph (1), for “section 6A(1)” substitute...
For paragraph 6 (and the italic heading before it) substitute—...
In paragraph 7 (budget) for “Authority”, in each place, substitute...
In paragraph 8 (annual plan)— (a) for “Authority”, in each...
In section 325 (general duty)— (a) for “Authority”, in each...
In section 328 (directions relating to the general prohibition), for...
In section 329 (orders relating to the general prohibition), for...
In section 330 (consultation)— (a) for “Authority”, in each place,...
In section 331 (procedure for making orders), for “Authority”, in...
In section 332 (rules relating to persons to whom the...
Part 1 of the Banking Act 2009 is amended as...
In section 9 (specific conditions: temporary public ownership), in subsection...
In section 10 (Banking Liaison Panel), in subsection (3), for...
In section 24 (procedure: instruments), in subsection (1), for paragraph...
In section 25 (procedure: orders), in subsection (2), for paragraph...
In section 26 (supplemental instruments), in subsection (5), for paragraph...
In section 27 (supplemental orders), in subsection (5), for paragraph...
In section 28 (onward transfer), in subsection (6), for paragraph...
In section 29 (reverse share transfer), in subsection (6), for...
In section 30 (bridge bank: share transfers), in subsection (5),...
In section 31 (bridge bank: reverse share transfer), in subsection...
(1) Section 1 (overview) is amended as follows.
In section 41 (procedure), in subsection (1), for paragraph (c)...
In section 42 (supplemental instruments), in subsection (5), for paragraph...
In section 43 (onward transfer), in subsection (7), for paragraph...
In section 44 (reverse property transfer), in subsection (6), for...
In section 45 (temporary public ownership: property transfer), in subsection...
In section 46 (temporary public ownership: reverse property transfer), in...
In section 57 (valuation principles), in subsection (4)(a), for “Part...
(1) Section 82 (temporary public ownership) is amended as follows....
After section 83 insert— Banks not regulated by PRA Modifications...
Part 2 of the Banking Act 2009 is amended as...
In section 2 (interpretation: “bank”), for “Part 4” substitute “...
In section 91 (interpretation: “bank”), for “Part 4” substitute “...
In section 93 (interpretation: other expressions), for subsection (1) substitute—...
In section 95 (application), in subsection (1)(b), for “FSA” substitute...
In section 96 (grounds for applying), for “FSA”, in each...
In section 97 (grounds for making), in subsection (1), for...
In section 98 (commencement), in subsection (2), for “FSA”, in...
(1) Section 100 (liquidation committee) is amended as follows.
In section 101 (liquidation committee: supplemental), in subsection (7), for...
In section 103 (general powers, duties and effect), in the...
(1) Section 108 (removal by court) is amended as follows....
In section 3 (interpretation: other expressions), for the definition of...
In section 109 (removal by creditors), in subsection (4) for...
In section 113 (company voluntary arrangement), in subsection (2)(b), for...
In section 115 (dissolution), in subsection (2)(b), for sub-paragraph (i)...
In section 117 (bank insolvency as alternative order), in subsection...
(1) Section 120 (notice of preliminary steps) is amended as...
After section 129 insert— Banks not regulated by PRA (1) In the application of this Part to an FCA-regulated...
Part 3 of the Banking Act 2009 is amended as...
In section 147 (administrator's proposals), in subsection (6), for “FSA”...
In section 153 (successful rescue), in subsection (3), for “FSA”...
In section 157 (other processes), in subsection (1), for “Before...
In section 4 (special resolution objectives), in subsection (3), for...
After section 157 insert— Banks not regulated by PRA (1) In the application of this Part to an FCA-regulated...
In section 166 (interpretation: general), for subsection (2) substitute—
Parts 4 to 6 of the Banking Act 2009 are...
(1) Section 183 (interpretation of Part 5) is amended as...
In section 223 (termination of right to issue), in subsections...
(1) Section 232 (definition) is amended as follows.
In section 234 (regulations: details), for subsection (8)(b) substitute—
In section 235 (regulations: procedure), at the end insert—
In section 246 (information), in subsection (2)—
(1) Section 249 (functions) is amended as follows.
In section 5 (code of practice), in subsection (5), for...
In section 250 (information), for “Financial Services Authority” substitute “...
(1) Section 259 (statutory instruments) is amended as follows.
In the Table in section 261 (index of defined terms)—...
(1) Section 6 (code of practice: procedure) is amended as...
(1) Section 7 (general conditions) is amended as follows.
In section 8 (specific conditions: private sector purchaser and bridge...
FSMA 2000 is amended as follows.
(1) Section 249 (disqualification of auditor for breach of trust...
In Part 1 of Schedule 28 to the Finance Act...
In Part 4 of Schedule 20 to the Energy Act...
In section 35 of the Fire and Rescue Services Act...
In section 14 of the Companies (Audit, Investigations and Community...
(1) The Pensions Act 2004 is amended as follows.
In section 23 of the Inquiries Act 2005 (risk of...
(1) Section 71 of the Serious Organised Crime and Police...
In Part 2 of Schedule 6 to the Gambling Act...
In section 18 of the Finance (No. 2) Act 2005...
(1) Section 3 of the Compensation Act 2006 (mesothelioma: damages)...
(1) Section 250 (modification or waiver of rules) is amended...
The Companies Act 2006 is amended as follows.
In section 384 (companies excluded from small companies regime), in...
(1) Section 461 (permitted disclosure of information obtained under compulsory...
In section 467 (companies excluded from being treated as medium-sized),...
In section 470 (power to apply provisions to banking partnerships),...
In section 474 (definitions), in subsection (1), in the definition...
In section 539 (definitions), in subsection (1), in the definition...
(1) Section 843 (realised profits and losses of long-term insurance...
In section 948 (restrictions on disclosure), in subsection (7)—
In section 950 (Panel on Takeovers and Mergers: duty of...
In section 257 (directions), in subsection (5), for “section 150”...
In section 995 (petition by Secretary of State), in subsection...
In section 1164 (meaning of “banking company” and “banking group”),...
In section 1165 (meaning of “insurance company” etc.), in subsection...
(1) Schedule 2 (specified persons and descriptions of disclosure for...
(1) Schedule 11A (specified persons, description, disclosures etc. for the...
(1) The Legal Services Act 2007 is amended as follows....
In Schedule 5 to the Regulatory Enforcement and Sanctions Act...
(1) Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing...
In section 7 of the Dormant Bank and Building Society...
(1) The Corporation Tax Act 2010 is amended as follows....
In section 267 (power to suspend promotion of scheme)—
In Part 3 of Schedule 1 to the Finance Act...
In Part 1 of Schedule 19 to the Equality Act...
In Part 3 of Schedule 10 to the Postal Services...
(1) Part 4 of Schedule 19 to the Finance Act...
In Part 1 of Schedule 1 to the Terrorism Prevention...
In section 109 of the Charities Act 2011 (dormant bank...
In section 145 of the Health and Social Care Act...
(1) The Legal Aid, Sentencing and Punishment of Offenders Act...
In section 106 of the Charities and Trustee Investment (Scotland)...
In section 268 (section 267: procedure)— (a) in subsection (2),...
In section 75 of the Housing (Scotland) Act 2006 (determination...
In section 127A of the County Courts Act (Northern Ireland)...
In section 9A of the District Judges (Magistrates' Courts) Pensions...
(1) The Charities Act (Northern Ireland) 2008 is amended as...
In Schedule 6 to the Welsh Language (Wales) Measure 2011...
In section 269 (procedure: application for variation or revocation of...
In section 270 (schemes authorised in designated countries or territories)—...
In section 284 (power to investigate), in subsection (11), for...
In section 404 (consumer redress scheme), for “Authority”, in each...
In section 404A (supplementary provision relating to rules under section...
(1) Section 33 (withdrawal of authorisation) is amended as follows....
(1) Section 404F (definitions etc.) is amended as follows.
(1) Section 405 (directions) is amended as follows.
(1) Section 407 (consequences of a direction under section 405)...
In section 409 (Gibraltar), in subsection (2), for “Part IV...
In section 415 (jurisdiction in civil proceedings), in subsection (1),...
(1) Section 415A (interpretation of powers under the Act) is...
In paragraph 8 of Schedule 6 (additional threshold conditions), in...
In section 9 of the Bankers' Books Evidence Act 1879...
In section 5 of the Agricultural Credits Act 1928 (agricultural...
In section 9 of the Agricultural Credits (Scotland) Act 1929...
(1) Section 36 (persons authorised as a result of being...
In section 27A of the Fire Services Act 1947 (information...
In section 57 of the Reserve and Auxiliary Forces (Protection...
In section 24A of the Theft Act 1968 (dishonestly retaining...
In section 7 of the Decimal Currency Act 1969 (payments...
In section 1 of the Employers' Liability (Compulsory Insurance) Act...
In section 1 of the Superannuation Act 1972 (superannuation schemes:...
In section 9 of the Employment Agencies Act 1973 (inspection),...
(1) The Consumer Credit Act 1974 is amended as follows....
In section 87 of the Solicitors Act 1974 (interpretation), in...
In Part 3 of Schedule 1 to the House of...
In section 38 (exemption orders), in subsection (2), for “Part...
In Part 3 of Schedule 1 to the Northern Ireland...
In section 8A of the Police Pensions Act 1976 (information...
In section 33A of the Judicial Pensions Act 1981 (voluntary...
In section 7 of the Lloyd's Act 1982 (the Disciplinary...
In section 59 of the Inheritance Tax Act 1984 (qualifying...
The Companies Act 1985 is amended as follows.
In Schedule 15C (specified persons), for paragraph 7 substitute— The Financial Conduct Authority. The Prudential Regulation Authority. The Bank of England.
(1) Schedule 15D (disclosures) is amended as follows.
In Part 3 of Schedule 1 to the Trustee Savings...
In section 21 of the Administration of Justice Act 1985...
(1) Section 39 (exemption of appointed representatives) is amended as...
In section 622 of the Housing Act 1985 (minor definitions:...
The Insolvency Act 1986 is amended as follows.
(1) Section 4A (approval of proposed voluntary arrangement) is amended...
In section 422 (order relating to formerly authorised banks), in...
(1) Paragraph 44 of Schedule A1 (moratorium where directors propose...
(1) Schedule B1 (administration) is amended as follows.
In section 73F of the Debtors (Scotland) Act 1987 (protection...
In section 338 of the Housing (Scotland) Act 1987 (interpretation),...
(1) The Income and Corporation Taxes Act 1988 is amended...
In section 2 of the Access to Medical Reports Act...
In section 39A (tied agents operating outside the United Kingdom),...
In section 95 of the Road Traffic Act 1988 (notification...
In section 174 of the Water Act 1989 (restriction on...
The Companies Act 1989 is amended as follows.
(1) Section 82 (request for assistance by overseas regulatory authority)...
(1) Section 87 (exceptions from restrictions on disclosure) is amended...
(1) Section 157 (change in default rules) is amended as...
(1) Section 162 (duty to report on completion of default...
(1) Section 167 (application to determine whether default proceedings to...
(1) Section 169 (supplementary provisions) is amended as follows.
(1) Section 176 (power to make provision about certain charges)...
In section 97(1)(d) (contravention of Part 6 rules: appointment of...
(1) Section 190 (minor definitions) is amended as follows.
(1) Section 191 (index of defined expressions) is amended as...
In section 206 of the Water Industry Act 1991 (restriction...
In section 204 of the Water Resources Act 1991 (restriction...
(1) The Social Security Administration Act 1992 is amended as...
(1) The Judicial Pensions and Retirement Act 1993 is amended...
In Schedule 1 to the Criminal Justice Act 1993 (special...
(1) The Railways Act 1993 is amended as follows.
(1) The Pension Schemes Act 1993 is amended as follows....
(1) The Finance Act 1994 is amended as follows.
In section 177 (offences), in subsection (2), after “director or”...
In section 59 of the Coal Industry Act 1994 (information...
In Part 2 of Schedule 9 to the Value Added...
(1) The Pensions Act 1995 is amended as follows.
In section 96 of the Finance Act 1997 (demutualisation of...
In Part 1 of Schedule 1 to the Social Security...
(1) The Bank of England Act 1998 is amended as...
In Schedule 7 to the Data Protection Act 1998 (miscellaneous...
(1) The Terrorism Act 2000 is amended as follows.
In Part 1 of Schedule 1 to the Regulation of...
In section 105 of the Utilities Act 2000 (general restriction...
(1) In each of the provisions of Part 17 (collective...
(1) Section 29 of the Trustee Act 2000 (remuneration of...
In Part 6 of Schedule 1 to the Freedom of...
In section 57 of the Criminal Justice and Police Act...
In Part 5 of Schedule 1 to the Anti-terrorism, Crime...
(1) The Proceeds of Crime Act 2002 is amended as...
(1) The Enterprise Act 2002 is amended as follows.
In section 135 of the Nationality, Immigration and Asylum Act...
(1) The Income Tax (Earnings and Pensions) Act 2003 is...
In section 63 of the Finance Act 2003 (demutualisation of...
In Schedule 10 to the Health and Social Care (Community...
In this Schedule “the relevant commencement” means the time when...
(1) The following amendments of the Postal Services Act 2000...
(1) In this Act, unless the context otherwise requires, a...
(1) In a relevant provision, a reference (however expressed) to...
(1) On the relevant commencement, the registrar of companies for...
Before section 11 comes into force in relation to section...
In relation to the first order under section 9L of...
(1) This paragraph applies where a provision of Part 5...
(1) The first order under section 22A of FSMA 2000...
(1) The FSA may disclose to the PRA any information...
In this Part of this Schedule— “the Bank” means the...
A transfer scheme which relates to rights and liabilities under...
(1) The FSA must make one or more schemes under...
The property, rights and liabilities that may be the subject...
A transfer scheme may— (a) apportion, or provide for the...
A transfer scheme which relates to rights and liabilities under...
In this Part of this Schedule “the OFT” means the...
(1) This paragraph applies if after the passing of this...
The property, rights and liabilities that may be the subject...
A transfer scheme may— (a) apportion, or provide for the...
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Market abuse | FCA (opens in a new tab) from FCA Detailed Guidance
- Enforcement | FCA (opens in a new tab) from FCA Detailed Guidance
- Benchmark enforcement | FCA (opens in a new tab) from FCA Detailed Guidance
- PRA Rulebook - Threshold Conditions (opens in a new tab) Detailed Guidance
- Ring-fencing | Bank of England (opens in a new tab) Other
- FCA Threshold Conditions (COND) (opens in a new tab) from FCA Detailed Guidance
- FCA Innovation Hub (opens in a new tab) from FCA Detailed Guidance
- FCA consumer credit guidance (opens in a new tab) from FCA Detailed Guidance
- FCA Consumer Credit sourcebook (CONC) (opens in a new tab) from FCA Detailed Guidance
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
FCA
PrimaryFinancial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
Panel on Takeovers and Mergers
Regulates takeovers and mergers involving public companies and some private companies in the UK. Issues the Takeover Code. Ensures shareholders are treated …
Prudential Regulation Authority
Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …
Connected legislation
29 statutory instruments
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (29)
- The Bank of England and Financial Services (Consequential Amendments) Regulations 2017 2017
- The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 2019
- The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) Order 2014 2014
- The Financial Services Act 2012 (Commencement No. 1) Order 2013 2013
- The Financial Services Act 2012 (Commencement No. 2) Order 2013 2013
- The Financial Services Act 2012 (Commencement No. 3) Order 2013 2013
- The Financial Services Act 2012 (Commencement No. 4) Order 2014 2014
- The Financial Services Act 2012 (Commencement No. 5) Order 2014 2014
- The Financial Services Act 2012 (Commencement No. 6) Order 2014 2014
- The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 2013
- The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 2013
- The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No.4) Order 2013 2013
- The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 2013
- The Financial Services Act 2012 (Consequential Amendments) Order 2013 2013
- The Financial Services Act 2012 (Consequential Amendments) Order 2014 2014
+ 14 more statutory instruments
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Browse legislation
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Regulators
Learn more about the bodies that enforce this legislation.